Intangible Assets, Net |
Intangible assets, net are as follows:
September 30, 2020 | | Useful Lives (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Trade names | | | 8-10 years | | $ | 923,000 | | $ | (418,068) | | $ | 504,932 | Customer relationships | | | 4-10 years | | | 883,000 | | | (420,635) | | | 462,365 | Patents | | | 10 years | | | 359,665 | | | (76,650) | | | 283,015 | Non-compete | | | 4 years | | | 174,000 | | | (77,938) | | | 96,062 | Intangible assets, net | | | | | $ | 2,339,665 | | $ | (993,291) | | $ | 1,346,374 |
December 31, 2019 | | Useful Lives (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Trade names | | | 8-10 years | | $ | 993,000 | | | (354,203) | | $ | 638,797 | Customer relationships | | | 4-10 years | | | 1,228,000 | | | (293,260) | | | 934,740 | Patents | | | 10 years | | | 270,250 | | | (49,027) | | | 221,223 | Non-compete | | | 4 years | | | 174,000 | | | (45,313) | | | 128,687 | Intangible assets, net | | | | | $ | 2,665,250 | | $ | (741,803) | | $ | 1,923,447 |
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Future Annual Estimated Amortization Expense |
Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to approximately $0.3 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively. Future annual estimated amortization expense is as follows:
Years ending December 31, | | | 2020 (remaining three months) | $ | 98,023 | 2021 | | 385,091 | 2022 | | 369,706 | 2023 | | 130,841 | 2024 | | 130,841 | Thereafter | | 231,872 | Total | $ | 1,346,374 |
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